N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-04892

Templeton Growth Fund, Inc.

(Exact name of registrant as specified in charter)

300 S.E. 2^nd Street, Fort Lauderdale, FL 33301-1923

(Address of principal executive offices) (Zip code)

Craig S. Tyle, One Franklin Parkway, San Mateo, CA 94403-1906

(Name and address of agent for service)

Registrant’s telephone number, including area code: (954) 527-7500

Date of fiscal year end: 8/31

Date of reporting period: 2/28/18

Item 1. Reports to Stockholders.

                     Semiannual Report and Shareholder Letter   February 28, 2018

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Franklin Templeton Investments

Why choose Franklin Templeton Investments?

Successful investing begins with ambition. And achievement only comes when you reach for it. That’s why we continually strive to deliver better outcomes for investors. No matter what your goals are, our deep, global investment expertise allows us to offer solutions that can help.

During our more than 70 years of experience, we’ve managed through all kinds of markets—up, down and those in between. We’re always preparing for what may come next. It’s because of this, combined with our strength as one of the world’s largest asset managers that we’ve earned the trust of millions of investors around the world.

Dear Shareholder:

During the six months ended February 28, 2018, mostly upbeat global economic data, improved corporate earnings and generally supportive monetary policies benefited global securities markets. The European Central Bank (ECB) and the Bank of Japan (BOJ) kept their benchmark interest rates unchanged, while the US Federal Reserve (Fed) raised the target range for the federal funds rate at its December 2017 meeting amid signs of a growing US economy. The BOJ maintained its quantitative easing measures during the period, while the ECB began to reduce its bond purchases in January 2018. The Fed also began a gradual reduction in its balance sheet during the period as part of its ongoing plan to normalize US monetary policy. However, investors expressed concerns about the pace of central bankers’ monetary policy tightening amid an improving economic outlook. In this environment, global developed and emerging market stocks generated strong returns, as measured by the MSCI All Country World Index.

We are committed to our long-term perspective and disciplined investment approach as we conduct a rigorous, fundamental analysis of securities with a regular emphasis on investment risk management.

Historically, patient investors have achieved rewarding results by evaluating their goals, diversifying their assets globally and maintaining a disciplined investment program, all hallmarks of the Templeton investment philosophy developed more than 60 years ago. We continue to recommend investors consult their financial advisors and review their portfolios to design a

long-term strategy and portfolio allocation that meet their individual needs, goals and risk tolerance.

Templeton Growth Fund’s semiannual report includes more detail about prevailing conditions and a discussion about investment decisions during the period. Please remember all securities markets fluctuate, as do mutual fund share prices.

We thank you for investing with Franklin Templeton, welcome your questions and comments, and look forward to serving your investment needs in the years ahead.

Sincerely,

Norman J. Boersma, CFA

President and Chief Executive Officer –

Investment Management

Templeton Growth Fund, Inc.

This letter reflects our analysis and opinions as of February 28, 2018, unless otherwise indicated. The information is not a complete analysis of every aspect of any market, country, industry, security or fund. Statements of fact are from sources considered reliable.

CFA^® is a trademark owned by CFA Institute.

 Not FDIC Insured  |  May Lose Value   |  No Bank Guarantee 

franklintempleton.com Not part of the semiannual report       1

Contents

Semiannual Report	3
Templeton Growth Fund, Inc.	3
Performance Summary	9
Your Fund’s Expenses	11
Financial Highlights and Statement of Investments	12
Financial Statements	21
Notes to Financial Statements	25
Special Meeting of Shareholders	34
Shareholder Information	38

Visit franklintempleton.com for fund updates, to access your account, or to find helpful financial planning tools.

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Semiannual Report

Templeton Growth Fund, Inc.

This semiannual report for Templeton Growth Fund, Inc. covers the period ended February 28, 2018.

Your Fund’s Goal and Main Investments

The Fund seeks long-term capital growth. Under normal market conditions, the Fund invests predominantly in equity securities of companies located anywhere in the world, including developing markets.

Performance Overview

The Fund’s Class A shares delivered a +5.84% cumulative total return for the six months under review. In comparison, the Fund’s benchmark, the MSCI All Country World Index (ACWI), which measures stock performance in global developed and emerging markets, generated a +9.29% total return.¹ For the 10-year period ended February 28, 2018, the Fund’s Class A shares generated a +55.49% cumulative total return, compared with the MSCI ACWI’s +82.84% cumulative total return for the same period.¹ Please note index performance information is provided for reference and we do not attempt to track the index but rather undertake investments on the basis of fundamental research. You can find more performance data in the Performance Summary beginning on page 9.

Performance data represent past performance, which does not guarantee future results. Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to franklintempleton.com or call (800) 342-5236.

Economic and Market Overview

The global economy expanded during the six-month period under review amid generally upbeat economic data across regions. In this environment, global developed and emerging market stocks generated a +9.29% total return, as measured by the MSCI ACWI.¹ Global markets were also aided by price gains in oil and other commodities, the European Central

Geographic Composition

Based on Total Net Assets as of 2/28/18

Bank’s (ECB’s) extension of its monetary easing program, encouraging corporate earnings reports and the passage of the US tax reform bill.

However, global markets reflected investor concerns about geopolitical tensions in the Korean peninsula, expectations that key central bankers around the world may potentially raise interest rates amid an improving economic outlook, and political uncertainties in the US and the European Union (EU). In early February, global markets experienced significant volatility amid concerns about stronger inflation and rising long-term interest rates in the US.

The US economy expanded in 2017’s fourth quarter, though at a slower pace compared to the third quarter as lower inventory investment and higher imports partially offset the positive contributions of growth in consumer spending, business and housing investment, exports, and government spending. The unemployment rate declined from 4.4% in August 2017 to 4.1% at period-end.² Annual inflation, as measured by the Consumer Price Index, increased from 1.9% in August 2017 to 2.2% at period-end.² The US Federal Reserve (Fed) began reducing its balance sheet in October and raised its target range for the federal funds rate 0.25% to 1.25%–1.50% in December. The Fed left its target rate for the federal funds rate unchanged

1. Source: Morningstar. As of 2/28/18, the Fund’s Class A 10-year average annual total return not including the maximum sales charge was +4.51%, compared with the MSCI ACWI’s 10-year average annual total return of +6.22%.

The index is unmanaged and includes reinvestment of any income or distributions. It does not reflect any fees, expenses or sales charges. One cannot invest directly in an index, and an index is not representative of the Fund’s portfolio.

2. Source: US Bureau of Labor Statistics.

The dollar value, number of shares or principal amount, and names of all portfolio holdings are listed in the Fund’s Statement of Investments (SOI). The SOI begins on page 17.

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TEMPLETON GROWTH FUND, INC.

at its January 2018 meeting, but expressed that it anticipated inflation to rise in 2018 and stabilize around the 2% target over the medium term.

In Europe, the UK’s economic growth moderated in 2017’s fourth quarter over the previous quarter, due to slower growth in production output, household spending and business investment. In November, the Bank of England raised its key policy rate for the first time in a decade. The eurozone’s growth moderated in 2017’s fourth quarter over the previous quarter. The bloc’s annual inflation rate ended the period lower than in August 2017. The ECB kept its benchmark interest rate unchanged during the period. However, at its October meeting, the ECB extended the time frame for its massive bond-buying program from December 2017 to at least September 2018, while reducing the amount of monthly bond purchases in half beginning in January 2018.

In Asia, Japan’s gross domestic product (GDP) growth slowed in 2017’s fourth quarter compared to the third quarter, as a slowdown in business spending and contractions in private residential investment offset a recovery in private consumption. The Bank of Japan left its benchmark interest rate unchanged during the period and continued its monetary stimulus measures.

In emerging markets, Brazil’s quarterly GDP grew in 2017’s fourth quarter, although at a slower pace compared to the previous quarter. The country’s central bank cut its benchmark interest rate several times during the period to spur economic growth. Russia’s GDP grew in 2017’s fourth quarter compared to the prior-year period, amid the Bank of Russia’s continued policy support. China’s GDP grew at a stable rate in 2017’s fourth quarter compared to the prior-year period. The People’s Bank of China left its benchmark interest rate unchanged during the period. Overall, emerging market stocks, as measured by the MSCI Emerging Markets Index, rose substantially during the period.

Investment Strategy

Our investment strategy employs a bottom-up, value-oriented, long-term approach. We focus on the market price of a company’s securities relative to our evaluation of the company’s long-term earnings, asset value and cash flow potential. We also consider the company’s price/earnings ratio, price/cash flow ratio, profit margins and liquidation value.

Manager’s Discussion

Global equities carried positive momentum into the semiannual review period, rising every month until February, when volatility resurfaced as concerns about the pace of central bank policy tightening sparked a sharp sell-off in risk assets. In this environment, the Fund delivered solid absolute gains, but it underperformed its benchmark, the MSCI ACWI. Despite relative headwinds, we were encouraged by a number of market transitions that we believe align well with our strategy going forward. After years of official stimulus, central bankers—led by the Fed—are tightening policies. After years of tranquility, volatility is awakening. After a long period of low inflation, low global growth and ultra-low interest rates, inflationary forces are stirring, growth is accelerating and bond yields are rising. As these key underpinnings of global financial markets change, so too will the characteristics and leadership of those markets. The leaders of the last cycle—US equities, growth stocks, and consumer and internet stocks—have become priced at levels that dramatically increase the likelihood of sub-par future returns, in our view. However, we believe shifting conditions may facilitate the passing of the performance baton to the last cycle’s laggards: international equities and value stocks across a range of out-of-favor sectors, such as health care, telecommunication services, energy and financials.

At Templeton, we have maintained our valuation discipline and adhered to our time-tested investment process throughout this challenging period. These strategies have led to a number of encouraging performance developments during the six months under review, such as the outperformance of our overweighted energy stocks as oil prices rebounded and financials stocks as interest rates rose, but also some continued challenges.³ Chief among challenges was the continued weakness of the Fund’s overweighted health care holdings.⁴ Concerns about generic competition, regulatory scrutiny and a consolidating payor sector all remained headwinds for health care stocks during the review period. However, we remain positive on the sector overall. We believe pricing pressures and generic competition are best addressed through innovation, and innovation is fueled by research and development, which has doubled in the pharmaceuticals industry in the past 30 years. Furthermore, despite the political controversy surrounding drug pricing, prescription drug costs account for less than 15% of health care spending in the US and the EU. Given the efficacy of these drugs and their ability to reduce costs elsewhere in the health

3. The energy sector comprises energy equipment and services and oil, gas and consumable fuels in the SOI. The financials sector comprises banks, capital markets, consumer finance, diversified financial services and insurance in the SOI.

4. The health care sector comprises biotechnology, health care equipment and supplies, health care providers and services, life sciences tools and services, and pharmaceuticals in the SOI.

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TEMPLETON GROWTH FUND, INC.

care system, we believe they likely represent good value for the money. Overall, the pharmaceuticals industry is not often cheap based on free cash flow multiples, and we are finding the best values among innovative firms that in our analysis are capable of commanding pricing power by successfully addressing unmet medical needs. It is rare to find highly cash-generative, innovative businesses with attractive growth potential trading in what we consider deep value territory, but we believe select biotechnology and pharmaceuticals firms offer just such a proposition.

US biopharmaceutical firm Allergan is an example of what we consider a fundamentally solid company with good growth prospects that has been excessively impacted by investor pessimism. In addition to the broader sector headwinds, the stock has succumbed to worries about generic competition and the poor performance of its stake in beleaguered Israeli generic drugmaker Teva Pharmaceutical Industries (also a Fund holding). We take a longer term, holistic view of Allergan’s prospects; in our analysis, the overall durability and exclusivity of the firm’s drug portfolio is among the best in the business. Allergan also has among the lowest exposures to the US government as a benefits payor, compared with its peers, insulating it from one of the pharmaceuticals industry’s main sources of pricing anxiety. With strong earnings and free cash flow growth expected from its current drug portfolio and a new product pipeline offering attractive longer term growth prospects, we continue to believe Allergan is significantly undervalued at recent levels.

Information technology (IT) was another relative laggard during the period.⁵ Although the Fund’s IT holdings delivered double-digit percentage returns, they failed to keep pace with the benchmark’s IT components, and relative performance was further hindered by an underweighting in the sector. Although none of our IT holdings finished among the Fund’s biggest relative detractors, US software developer Oracle detracted. Its shares have been pressured lately by disappointing results stemming from the company’s efforts to develop its cloud business. We believe the negative near-term impact is creating an opportunity to invest in a long-term industry leader and beneficiary of major technology trends at what we consider low valuations. The firm’s core database business commands a significant global market share, which we think is defensible given Oracle’s incumbent advantage and the advanced

Top 10 Sectors/Industries

2/28/18

	% of Total Net Assets
Banks		13.6%
Oil, Gas & Consumable Fuels		10.2%
Pharmaceuticals		8.5%
Insurance		5.2%
Media		4.4%
Biotechnology		4.0%
Software		3.5%
Technology Hardware, Storage & Peripherals		3.5%
Internet Software & Services		3.2%
Specialty Retail		3.2%

functionality and reliability of its products. The transition to cloud services, meanwhile, should increase Oracle’s revenue and profit opportunity and grow its market over time, in our analysis. We continue to find select value in the IT sector more broadly, though not enough to justify an even-weighted allocation relative to the index, as some pockets of the IT sector look unsustainably expensive to us. With every major tier in the tech “stack” disrupted by new technologies, our approach is to identify mature companies we believe have the ability to adapt to change, as well as new entrants we feel are likely to emerge as winners. Although we have some exposure to the dominant internet and consumer technology firms that have performed well recently, we have avoided a number of these stocks due to valuation concerns.

Other relative sector laggards during the period included telecommunication services, due to an overweighted allocation, and consumer discretionary and materials, due to under-weighted allocations.⁶ The telecommunication services sector was also pressured by weakness among Asian operators, such as Singapore Telecommunications and China Telecom. In general, we believe some of the best structural growth opportunities in Asia are based on the long-term wealth accumulation and demand potential of the region’s consumers. Although some investors look to the manufacturers of electronic gadgets or luxury goods for exposure to this investment theme, we note that the makers of those products tend to cater to a global audience and command premium valuations. Conversely, what we consider low-valued telecommunication services companies may be better

5. The IT sector comprises communications equipment; internet software and services; IT services; software; and technology hardware, storage and peripherals in the SOI.

6. The telecommunication services sector comprises diversified telecommunication services and wireless telecommunication services in the SOI. The consumer discretionary sector comprises automobiles, household durables, leisure products, media, multiline retail and specialty retail in the SOI. The materials sector comprises chemicals and metals and mining in the SOI.

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TEMPLETON GROWTH FUND, INC.

positioned to benefit from these trends, in our assessment, as owners and operators of the critical communications infrastructure are required to facilitate the rise of a new middle class.

Turning to consumer discretionary, Luxembourg-based satellite provider SES notably detracted, pressured by analyst downgrades and a launch error that caused it to lose contact with a satellite. Recent adversities have caused the stock to decline and its price-to-book value to become much lower than the company’s industry peers. Our analysis implies SES has recently been trading at replacement cost for a business with very high barriers to entry and valuable orbital satellite slots that cannot be replicated. Additionally, the company’s high single-digit dividend and free cash flow yields, as well as a contract backlog equivalent to four years of revenue, lead us to believe its shares remain undervalued. On a positive note, the Fund’s consumer discretionary position also included two of the reporting period’s top contributors: US media group Twenty-First Century Fox and UK home improvement retailer Kingfisher.

Finally, from the materials sector, shares of Canadian gold miner Barrick Gold retreated amid general weakness in precious metals mining stocks. Although the price of gold has remained firm amid US dollar weakness and geopolitical uncertainties, mining stocks declined as gold stayed range-bound. History suggests that a modest exposure to gold and silver miners can help optimize risk-adjusted returns over time, and with valuations across the sector remaining attractive to us, we have maintained select investments in a handful of mining stocks that in our analysis have resilient balance sheets, low cost positions and identifiable value catalysts.

Among Fund contributors, we were encouraged by the outperformance of our long-standing energy overweighting. Stock selection also buoyed the Fund’s energy holdings, and three oil firms were among the period’s top contributors: US oilfield services firm Helmerich & Payne, UK oil major Royal Dutch Shell and US exploration and production firm ConocoPhillips. A rising oil price and strong sector performance have largely rewarded our decision to stay the course despite price volatility that accompanied fears of a supply glut earlier in 2017. We expected that oil price would climb toward US$60 per barrel, beyond which it could remain range-bound as swing producers in the North American shale fields bring supply back on line. Barring any external shocks, we expected renewed supply above US$60, which will likely cap further significant price appreciation, and we have been selectively reducing exposure at this point in the cycle.

Top 10 Holdings

2/28/18

Company Sector/Industry, Country	% of Total Net Assets
Oracle Corp.		2.3%
Software, US
Citigroup Inc.		2.3%
Banks, US
Royal Dutch Shell PLC		2.1%
Oil, Gas & Consumable Fuels, UK
Amgen Inc.		2.0%
Biotechnology, US
Samsung Electronics Co. Ltd.		2.0%
Technology Hardware, Storage & Peripherals,
South Korea
Standard Chartered PLC		1.9%
Banks, UK
Teva Pharmaceutical Industries Ltd.		1.9%
Pharmaceuticals, Israel
Kingfisher PLC		1.9%
Specialty Retail, UK
BP PLC		1.8%
Oil, Gas & Consumable Fuels, UK
Baidu Inc.		1.8%
Internet Software & Services, China

Stock selection and an overweighted position contributed to the outperformance of the Fund’s financials holdings as well, led by Asian lenders, such as South Korea-based KB Financial Group and Thailand-based Bangkok Bank. We continue to find attractive opportunities among modestly valued financials holdings in Asia, where prospects for improving corporate governance and political stability have combined with rising interest rates and genuine economic growth to benefit the regional banking industry. We also remain constructive on our long-standing overweighted allocation to certain European banks. European banks outperformed the regional market in 2017 for the first time in four years, buoyed by solid earnings and the prospect of higher interest rates. Expectations for the timing and speed of interest rate increases have fluctuated, although the recent consensus view is that ECB President Draghi will raise interest rates before retiring in October 2019. Despite such expectations and the rising likelihood of a more hawkish successor, rate-sensitive banks in Europe have generally been trading on par with the broader industry. In the US, where the rising interest rate cycle has already been progressing, rate-sensitive banks have been trading at about a 20% premium, suggesting to us that shares of European lenders may have additional scope to advance as the region’s policy cycle matures. Although European banks overall are no longer abundantly cheap, trading in line with their long-term average multiples, valuations still look reasonably attractive to us based

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TEMPLETON GROWTH FUND, INC.

on dividend yields and relative to US banks. We expect that a combination of rising interest rates, regional economic growth and the resolution of a long-running regulatory overhaul should increase clarity on European banks’ earnings outlooks and pave the way for additional gains among select stocks.

The Fund also benefited from underweightings in the consumer staples and utilities sectors, which underperformed the broader market.⁷ We continue to find only limited opportunities in these defensive sectors, which we consider to be expensive. The consumer staples sector remains more richly valued than both the broader market and its own history, a premium that we believe is unwarranted given the sector’s generally weak profit margins and scarce growth opportunities. Utilities also appear richly valued considering the potential impacts of weaker economic growth and increasing regulatory interference on power demand and industry pricing. Concerns about oversupply in developed markets also persist, further clouding the sector’s outlook.

It is important to recognize the effect of currency movements on the Fund’s performance. In general, if the value of the US dollar goes up compared with a foreign currency, an investment traded in that foreign currency will go down in value because it will be worth fewer US dollars. This can have a negative effect on Fund performance. Conversely, when the US dollar weakens in relation to a foreign currency, an investment traded in that foreign currency will increase in value, which can contribute to Fund performance. For the six months ended February 28, 2018, the US dollar declined in value relative to many currencies in which the Fund’s investments were traded. As a result, the Fund’s performance was positively affected by the portfolio’s substantial investment in securities with non-US currency exposure. However, one cannot expect the same result in future periods.

From a regional standpoint, the benefit of stock selection in Europe was offset by an unfavorable overweighting, while in Asia, a favorable overweighting was offset by stock-specific weakness. Stock selection and an underweighting in the US also detracted. Although we are still finding select bottom-up value in regions around the world, we continue to favor international markets over the US due to our view of their discounted valuations, better structural growth prospects and earlier stage economic and policy cycles. Ultimately, we remain committed to buying what we consider undervalued and mispriced stocks wherever we find them. Admittedly, this

Top 10 Countries

2/28/18

	% of Total Net Assets
US		37.6	%
UK		12.7	%
France		5.5	%
Japan		5.1	%
China		4.5	%
South Korea		4.1	%
Netherlands		4.0	%
Germany		3.3	%
Switzerland		2.8	%
Canada		2.3	%

value-oriented approach has faced some headwinds. After outperforming growth in 2016, value lagged growth in 2017, with global growth outperforming value in the past 10 years. We believe value’s headwinds stem largely from unconven-tional monetary policies, which have depressed interest rates and sent investors out the risk curve in search of growth and yield. We believe these policies are unsustainable for three reasons. First, they increase social inequality, which has political consequences; second, they inflate asset prices, which creates stability risks; and third, rising inflation pressure and falling unemployment give data-dependent central bankers reasons to begin reversing such policies. We believe this mature cycle will eventually change, and with it the conditions that have been unfavorable to value. Against this backdrop, we have positioned the portfolio somewhat more defensively in recent quarters, taking gains among pro-cyclical stocks and reinvesting in what we consider cheaper, under-owned areas of the market. Despite some clear areas of what we deem as excessive enthusiasm and overvaluation, our bottom-up, fundamentals-oriented research has continued to uncover cheap stocks in regions and sectors around the world, and we remain constructive about the Fund’s prospects for capital appreciation and preservation over a long-term investment horizon.

7. The consumer staples sector comprises beverages, food and staples retailing, and personal products in the SOI. The utilities sector comprises multi-utilities in the SOI. See www.franklintempletondatasources.com for additional data provider information.

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TEMPLETON GROWTH FUND, INC.

Thank you for your continued participation in Templeton Growth Fund. We look forward to serving your future investment needs.

	Norman J. Boersma, CFA
	Tucker Scott, CFA
	James Harper, CFA
	Heather Arnold, CFA
	Christopher James Peel, CFA
	Herbert J. Arnett, Jr.
	Portfolio Management Team

The foregoing information reflects our analysis, opinions and portfolio holdings as of February 28, 2018, the end of the reporting period. The way we implement our main investment strategies and the resulting portfolio holdings may change depending on factors such as market and economic conditions. These opinions may not be relied upon as investment advice or an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but the investment manager makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

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TEMPLETON GROWTH FUND, INC.

Performance Summary as of February 28, 2018

The performance table does not reflect any taxes that a shareholder would pay on Fund dividends, capital gain distributions, if any, or any realized gains on the sale of Fund shares. Total return reflects reinvestment of the Fund’s dividends and capital gain distributions, if any, and any unrealized gains or losses. Your dividend income will vary depending on dividends or interest paid by securities in the Fund’s portfolio, adjusted for operating expenses of each class. Capital gain distributions are net profits realized from the sale of portfolio securities.

Performance as of 2/28/18

Cumulative total return excludes sales charges. Average annual total return includes maximum sales charges. Sales charges will vary depending on the size of the investment and the class of share purchased. The maximum is 5.75% and the minimum is 0%. Class A: 5.75% maximum initial sales charge; Advisor Class: no sales charges. For other share classes, visit franklintempleton.com.

Share Class	Cumulative Total Return1		Average Annual Total Return2
A
6-Month		+5.84%		-0.24%
1-Year		+13.45%		+6.94%
5-Year		+47.06%		+6.75%
10-Year		+55.49%		+3.90%
Advisor
6-Month		+5.94%		+5.94%
1-Year		+13.71%		+13.71%
5-Year		+48.96%		+8.30%
10-Year		+59.42%		+4.77%

Performance data represent past performance, which does not guarantee future results. Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to franklintempleton.com or call (800) 342-5236.

See page 10 for Performance Summary footnotes.

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TEMPLETON GROWTH FUND, INC.

PERFORMANCE SUMMARY

Distributions (9/1/17–2/28/18)

Share Class	Net Investment Income
A		$0.4866
C		$0.2811
R		$0.4176
R6		$0.5845
Advisor		$0.5546

Total Annual Operating Expenses³

Share Class
A	1.05%
Advisor	0.80%

Each class of shares is available to certain eligible investors and has different annual fees and expenses, as described in the prospectus.

All investments involve risks, including possible loss of principal. Special risks are associated with foreign investing, including currency fluctuations, economic instability and political developments; investments in emerging markets involve heightened risks related to the same factors. Because the Fund may invest its assets in companies in a specific region, including Europe, it is subject to greater risks of adverse developments in that region and/or the surrounding regions than a fund that is more broadly diversified geographically. Political, social or economic disruptions in the region, even in countries in which the Fund is not invested, may adversely affect the value of securities held by the Fund. Current political uncertainty surrounding the European Union (EU) and the financial instability of some countries in the EU may increase market volatility and the economic risk of investing in companies in Europe. In addition, smaller company stocks have historically experienced more price volatility than larger company stocks, especially over the short term. The Fund is actively managed but there is no guarantee that the manager’s investment decisions will produce the desired results. The Fund’s prospectus also includes a description of the main investment risks.

1. Cumulative total return represents the change in value of an investment over the periods indicated.

2. Average annual total return represents the average annual change in value of an investment over the periods indicated. Return for less than one year, if any, has not been annualized.

3. Figures are as stated in the Fund’s current prospectus and may differ from the expense ratios disclosed in the Your Fund’s Expenses and Financial Highlights sections in this report. In periods of market volatility, assets may decline significantly, causing total annual Fund operating expenses to become higher than the figures shown.

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Your Fund’s Expenses

As a Fund shareholder, you can incur two types of costs: (1) transaction costs, including sales charges (loads) on Fund purchases and redemptions; and (2) ongoing Fund costs, including management fees, distribution and service (12b-1) fees, and other Fund expenses. All mutual funds have ongoing costs, sometimes referred to as operating expenses. The table below shows ongoing costs of investing in the Fund and can help you understand these costs and compare them with those of other mutual funds. The table assumes a $1,000 investment held for the six months indicated.

Actual Fund Expenses

The table below provides information about actual account values and actual expenses in the columns under the heading “Actual.” In these columns the Fund’s actual return, which includes the effect of Fund expenses, is used to calculate the “Ending Account Value” for each class of shares. You can estimate the expenses you paid during the period by following these steps (of course, your account value and expenses will differ from those in this illustration): Divide your account value by $1,000 (if your account had an $8,600 value, then $8,600 ÷ $1,000 = 8.6). Then multiply the result by the number in the row for your class of shares under the headings “Actual” and “Expenses Paid During Period” (if Actual Expenses Paid During Period were $7.50, then 8.6 x $7.50 = $64.50). In this illustration, the actual expenses paid this period are $64.50.

Hypothetical Example for Comparison with Other Funds

Under the heading “Hypothetical” in the table, information is provided about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. This information may not be used to estimate the actual ending account balance or expenses you paid for the period, but it can help you compare ongoing costs of investing in the Fund with those of other funds. To do so, compare this 5% hypothetical example for the class of shares you hold with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that expenses shown in the table are meant to highlight ongoing costs and do not reflect any transactional costs. Therefore, information under the heading “Hypothetical” is useful in comparing ongoing costs only, and will not help you compare total costs of owning different funds. In addition, if transactional costs were included, your total costs would have been higher.

		Actual (actual return after expenses)		Hypothetical (5% annual return before expenses)
Share Class	Beginning Account Value 9/1/17	Ending Account Value 2/28/18	Expenses Paid During Period 9/1/17–2/28/181,2	Ending Account Value 2/28/18	Expenses Paid During Period 9/1/17–2/28/181,2	Net Annualized Expense Ratio2
A	$1,000	$1,058.40	$5.41	$1,019.54	$5.31	1.05%
C	$1,000	$1,054.30	$9.22	$1,015.82	$9.05	1.80%
R	$1,000	$1,057.10	$6.68	$1,018.30	$6.56	1.30%
R6	$1,000	$1,060.30	$3.58	$1,021.32	$3.51	0.70%
Advisor	$1,000	$1,059.40	$4.14	$1,020.78	$4.06	0.80%

1. Expenses are equal to the annualized expense ratio for the six-month period as indicated above—in the far right column—multiplied by the simple average account value over the period indicated, and then multiplied by 181/365 to reflect the one-half year period.

2. Reflects expenses after fee waivers and expense reimbursements. Does not include acquired fund fees and expenses.

franklintempleton.com Semiannual Report       11

TEMPLETON GROWTH FUND, INC.

Financial Highlights

	Six Months Ended February 28, 2018			Year Ended August 31,
	(unaudited)			2017			2016			2015			2014			2013
Class A
Per share operating performance
(for a share outstanding throughout the period)
Net asset value, beginning of period		$26.26			$22.67			$22.60			$26.05			$22.13			$18.04
Income from investment operationsa:
Net investment incomeb		0.14			0.38			0.35			0.42			0.55	c		0.30
Net realized and unrealized gains (losses)		1.39			3.55			0.08			(3.20	)		3.68			4.15
Total from investment operations		1.53			3.93			0.43			(2.78	)		4.23			4.45
Less distributions from net investment income .		(0.49	)		(0.34	)		(0.36	)		(0.67	)		(0.31	)		(0.36	)
Net asset value, end of period		$27.30			$26.26			$22.67			$22.60			$26.05			$22.13
Total returnd		5.84%			17.49%			1.97%			(10.76)%			19.22%			25.00%
Ratios to average net assetse
Expenses.		1.05%f			1.06%	f,g		1.07%	f,g		1.05%	f		1.03%			1.07%	g
Net investment income		1.05%			1.55%			1.60%			1.74%			2.18%	c		1.47%
Supplemental data
Net assets, end of period (000’s)		$10,876,016			$10,880,427			$10,524,247			$11,506,800			$14,138,298			$12,970,707
Portfolio turnover rate		8.63%			29.17%			23.05%			18.47%			17.17%			12.46%

^aThe amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of the Fund’s shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.

^bBased on average daily shares outstanding.

^cNet investment income per share includes approximately $0.19 per share related to income received in the form of special dividends in connection with certain Fund holdings. Excluding this amount, the ratio of net investment income to average net assets would have been 1.43%.

^dTotal return does not reflect sales commissions or contingent deferred sales charges, if applicable, and is not annualized for periods less than one year.

^eRatios are annualized for periods less than one year, except for non-recurring expenses, if any.

^fBenefit of waiver and payments by affiliates rounds to less than 0.01%.

^gBenefit of expense reduction rounds to less than 0.01%.

12       Semiannual Report  |  The accompanying notes are an integral part of these financial statements. franklintempleton.com

TEMPLETON GROWTH FUND, INC .

FINANCIAL HIGHLIGHTS

	Six Months Ended February 28, 2018			Year Ended August 31,
	(unaudited)			2017			2016			2015			2014			2013
Class C
Per share operating performance
(for a share outstanding throughout the period)
Net asset value, beginning of period		$25.52			$22.04			$21.96			$25.32			$21.53			$17.56
Income from investment operationsa:
Net investment incomeb		0.04			0.19			0.18			0.23			0.35	c		0.14
Net realized and unrealized gains (losses)		1.34			3.45			0.08			(3.11	)		3.58			4.05
Total from investment operations		1.38			3.64			0.26			(2.88	)		3.93			4.19
Less distributions from net investment income		(0.28	)		(0.16	)		(0.18	)		(0.48	)		(0.14	)		(0.22	)
Net asset value, end of period		$26.62			$25.52			$22.04			$21.96			$25.32			$21.53
Total returnd		5.43%			16.61%			1.20%			(11.44)%			18.30%			24.07%
Ratios to average net assetse
Expenses		1.80%f			1.81%f,g			1.82%f,g			1.80%f			1.78%			1.82%g
Net investment income		0.30%			0.80%			0.85%			0.99%			1.43%c			0.72%
Supplemental data
Net assets, end of period (000’s)		$594,465			$594,594			$634,175			$724,843			$900,525			$800,312
Portfolio turnover rate		8.63%			29.17%			23.05%			18.47%			17.17%			12.46%

^aThe amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of the Fund’s shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.

^bBased on average daily shares outstanding.

^cNet investment income per share includes approximately $0.19 per share related to income received in the form of special dividends in connection with certain Fund holdings. Excluding this amount, the ratio of net investment income to average net assets would have been 0.68%.

^dTotal return does not reflect sales commissions or contingent deferred sales charges, if applicable, and is not annualized for periods less than one year. ^eRatios are annualized for periods less than one year, except for non-recurring expenses, if any.

^fBenefit of waiver and payments by affiliates rounds to less than 0.01%.

^gBenefit of expense reduction rounds to less than 0.01%.

franklintempleton.com The accompanying notes are an integral part of these financial statements.|  Semiannual Report       13

TEMPLETON GROWTH FUND, INC .

FINANCIAL HIGHLIGHTS

	Six Months Ended February 28, 2018			Year Ended August 31,
	(unaudited)			2017			2016			2015			2014			2013
Class R
Per share operating performance
(for a share outstanding throughout the period)
Net asset value, beginning of period		$26.00			$22.45			$22.37			$25.78			$21.91			$17.86
Income from investment operationsa:
Net investment incomeb		0.11			0.31			0.29			0.36			0.48	c		0.25
Net realized and unrealized gains (losses)		1.37			3.52			0.08			(3.17	)		3.64			4.12
Total from investment operations		1.48			3.83			0.37			(2.81	)		4.12			4.37
Less distributions from net investment income		(0.42	)		(0.28	)		(0.29	)		(0.60	)		(0.25	)		(0.32	)
Net asset value, end of period		$27.06			$26.00			$22.45			$22.37			$25.78			$21.91
Total returnd		5.71%			17.18%			1.72%			(10.97)%			18.88%			24.72%
Ratios to average net assetse
Expenses		1.30%f			1.31%f,g			1.32%f,g			1.30%f			1.28%			1.32%g
Net investment income		0.80%			1.30%			1.35%			1.49%			1.93%c			1.22%
Supplemental data
Net assets, end of period (000’s)		$95,865			$99,389			$104,180			$119,665			$155,334			$146,530
Portfolio turnover rate		8.63%			29.17%			23.05%			18.47%			17.17%			12.46%

^aThe amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of the Fund’s shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.

^bBased on average daily shares outstanding.

^cNet investment income per share includes approximately $0.19 per share related to income received in the form of special dividends in connection with certain Fund holdings. Excluding this amount, the ratio of net investment income to average net assets would have been 1.18%.

^dTotal return is not annualized for periods less than one year.

^eRatios are annualized for periods less than one year, except for non-recurring expenses, if any.

^fBenefit of waiver and payments by affiliates rounds to less than 0.01%.

^gBenefit of expense reduction rounds to less than 0.01%.

14       Semiannual Report  |  The accompanying notes are an integral part of these financial statements. franklintempleton.com

TEMPLETON GROWTH FUND, INC .

FINANCIAL HIGHLIGHTS

	Six Months Ended February 28, 2018			Year Ended August 31,
	(unaudited)			2017			2016			2015			2014			2013a
Class R6
Per share operating performance
(for a share outstanding throughout the period)
Net asset value, beginning of period		$26.29			$22.69			$22.63			$26.08			$22.16			$21.34
Income from investment operationsb:
Net investment incomec		0.19			0.46			0.43			0.51			0.63	d		0.17
Net realized and unrealized gains (losses)		1.38			3.56			0.08			(3.20	)		3.68			0.65
Total from investment operations		1.57			4.02			0.51			(2.69	)		4.31			0.82
Less distributions from net investment income		(0.58	)		(0.42	)		(0.45	)		(0.76	)		(0.39	)		—
Net asset value, end of period		$27.28			$26.29			$22.69			$22.63			$26.08			$22.16
Total returne		6.03%			17.94%			2.34%			(10.41)%			19.60%			3.84%
Ratios to average net assetsf
Expenses		0.70%g			0.71%g,h			0.70%g,h			0.70%g			0.69%			0.71%h
Net investment income		1.40%			1.90%			1.97%			2.09%			2.52%d			1.83%
Supplemental data
Net assets, end of period (000’s)		$1,851,477			$1,843,276			$1,859,796			$1,977,253			$2,363,855			$2,042,413
Portfolio turnover rate		8.63%			29.17%			23.05%			18.47%			17.17%			12.46%

^aFor the period May 1, 2013 (effective date) to August 31, 2013.

^bThe amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of the Fund’s shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.

^cBased on average daily shares outstanding.

^dNet investment income per share includes approximately $0.19 per share related to income received in the form of special dividends in connection with certain Fund holdings. Excluding this amount, the ratio of net investment income to average net assets would have been 1.77%.

^eTotal return is not annualized for periods less than one year.

^fRatios are annualized for periods less than one year, except for non-recurring expenses, if any.

^gBenefit of waiver and payments by affiliates rounds to less than 0.01%.

^hBenefit of expense reduction rounds to less than 0.01%.

franklintempleton.com The accompanying notes are an integral part of these financial statements.|  Semiannual Report       15

TEMPLETON GROWTH FUND, INC.

FINANCIAL HIGHLIGHTS

	Six Months Ended February 28, 2018			Year Ended August 31,
	(unaudited)			2017			2016			2015			2014			2013
Advisor Class
Per share operating performance
(for a share outstanding throughout the period)
Net asset value, beginning of period		$26.33			$22.73			$22.66			$26.13			$22.15			$18.06
Income from investment operationsa:
Net investment incomeb		0.17			0.45			0.40			0.49			0.59	c		0.31
Net realized and unrealized gains (losses)		1.38			3.55			0.09			(3.22	)		3.71			4.19
Total from investment operations		1.55			4.00			0.49			(2.73	)		4.30			4.50
Less distributions from net investment income		(0.55	)		(0.40	)		(0.42	)		(0.74	)		(0.32	)		(0.41	)
Net asset value, end of period		$27.33			$26.33			$22.73			$22.66			$26.13			$22.15
Total returnd		5.94%			17.78%			2.25%			(10.54)%			19.55%			25.28%
Ratios to average net assetse
Expenses.		0.80%f			0.81%f,g			0.82%f,g			0.80%f			0.78%			0.82%	g
Net investment income		1.30%			1.80%			1.85%			1.99%			2.43%	c		1.72%
Supplemental data
Net assets, end of period (000’s)		$499,796			$523,263			$388,677			$396,094			$429,080			$425,222
Portfolio turnover rate		8.63%			29.17%			23.05%			18.47%			17.17%			12.46%

^aThe amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of the Fund’s shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.

^bBased on average daily shares outstanding.

^cNet investment income per share includes approximately $0.19 per share related to income received in the form of special dividends in connection with certain Fund holdings. Excluding this amount, the ratio of net investment income to average net assets would have been 1.68%.

^dTotal return is not annualized for periods less than one year.

^eRatios are annualized for periods less than one year, except for non-recurring expenses, if any.

^fBenefit of waiver and payments by affiliates rounds to less than 0.01%.

^gBenefit of expense reduction rounds to less than 0.01%.

16       Semiannual Report  |  The accompanying notes are an integral part of these financial statements. franklintempleton.com

TEMPLETON GROWTH FUND, INC.

Statement of Investments, February 28, 2018 (unaudited)

	Industry	Shares		Value
Common Stocks 96.1%
Canada 2.3%
Barrick Gold Corp .	Metals & Mining		8,577,400	$	98,811,648
a Husky Energy Inc.	Oil, Gas & Consumable Fuels		7,166,800		94,611,590
Wheaton Precious Metals Corp.	Metals & Mining		6,785,047		129,493,299
					322,916,537
China 4.5%
a Baidu Inc., ADR	Internet Software & Services		972,600		245,425,884
China Life Insurance Co. Ltd., H	Insurance		59,196,000		175,864,528
China Mobile Ltd.	Wireless Telecommunication Services		6,253,500		58,651,908
b China Telecom Corp. Ltd., ADR	Diversified Telecommunication Services		735,230		31,916,334
China Telecom Corp. Ltd., H	Diversified Telecommunication Services		123,100,000		54,267,533
Kunlun Energy Co. Ltd.	Oil, Gas & Consumable Fuels		72,174,700		67,877,483
					634,003,670
Denmark 0.3%
Vestas Wind Systems AS	Electrical Equipment		522,420		37,968,038
France 5.5%
AXA SA	Insurance		6,984,419		220,352,840
BNP Paribas SA	Banks		2,420,090		193,005,573
Compagnie de Saint-Gobain	Building Products		327,510		18,677,536
Credit Agricole SA	Banks		6,284,163		108,368,510
Sanofi	Pharmaceuticals		1,461,429		115,944,812
Veolia Environnement SA	Multi-Utilities		4,815,820		117,329,754
					773,679,025
Germany 3.3%
innogy SE	Multi-Utilities		4,053,200		162,242,306
Merck KGaA	Pharmaceuticals		1,255,504		125,937,602
Siemens AG	Industrial Conglomerates		1,301,662		172,205,724
					460,385,632
Hong Kong 0.9%
CK Hutchison Holdings Ltd.	Industrial Conglomerates		8,408,000		105,288,687
Value Partners Group Ltd.	Capital Markets		20,445,000		19,384,471
					124,673,158
India 0.8%
Hero Motocorp Ltd.	Automobiles		1,932,181		106,570,701
Ireland 0.3%
a Bank of Ireland Group PLC	Banks		4,410,086		41,428,350
Israel 1.9%
Teva Pharmaceutical Industries Ltd., ADR	Pharmaceuticals		14,026,252		262,571,437
Italy 1.6%
Eni SpA	Oil, Gas & Consumable Fuels		13,163,395		220,237,823
Japan 5.1%
Nissan Motor Co. Ltd.	Automobiles		10,123,100		106,728,715
Panasonic Corp.	Household Durables		13,255,100		208,382,271
Ryohin Keikaku Co. Ltd.	Multiline Retail		189,900		65,225,013
Seven & i Holdings Co. Ltd.	Food & Staples Retailing		873,100		36,501,561
SoftBank Group Corp.	Wireless Telecommunication Services		1,558,300		129,900,928
Sumitomo Metal Mining Co. Ltd.	Metals & Mining		1,376,500		64,913,059
Suntory Beverage & Food Ltd.	Beverages		2,211,200		103,198,313
					714,849,860

franklintempleton.com Semiannual Report       17

TEMPLETON GROWTH FUND, INC.

STATEMENT OF INVESTMENTS (UNAUDITED)

	Industry	Shares		Value
Common Stocks (continued)
Luxembourg 1.7%
SES SA, IDR	Media		14,776,803	$	236,703,706
Netherlands 4.0%
Aegon NV	Insurance		28,994,096		202,756,881
Akzo Nobel NV	Chemicals		2,170,941		211,248,198
ING Groep NV	Banks		3,857,099		68,128,559
a QIAGEN NV	Life Sciences Tools & Services		2,046,810		69,169,900
					551,303,538
Portugal 0.7%
Galp Energia SGPS SA, B	Oil, Gas & Consumable Fuels		5,549,819		100,681,490
Russia 0.5%
MMC Norilsk Nickel PJSC, ADR	Metals & Mining		3,546,471		70,681,167
Singapore 2.0%
DBS Group Holdings Ltd.	Banks		3,638,934		78,838,534
Singapore Telecommunications Ltd.	Diversified Telecommunication Services		78,512,700		200,326,811
					279,165,345
South Korea 4.1%
Hyundai Motor Co.	Automobiles		621,458		92,516,378
KB Financial Group Inc.	Banks		3,410,144		201,181,018
Samsung Electronics Co. Ltd.	Technology Hardware, Storage & Peripherals		127,667		276,907,609
					570,605,005
Spain 0.7%
Telefonica SA	Diversified Telecommunication Services		10,000,787		97,522,278
Sweden 2.0%
a Arjo AB, B	Health Care Equipment & Supplies		9,065,451		28,664,939
Ericsson, B	Communications Equipment		19,446,791		130,867,264
Getinge AB, B	Health Care Equipment & Supplies		9,065,451		114,440,939
					273,973,142
Switzerland 2.8%
Roche Holding AG	Pharmaceuticals		776,328		180,310,030
UBS Group AG	Capital Markets		10,959,181		209,735,650
					390,045,680
Thailand 1.3%
Bangkok Bank PCL, fgn	Banks		17,984,500		131,315,397
Bangkok Bank PCL, NVDR	Banks		8,099,000		54,250,444
					185,565,841
United Kingdom 12.7%
BAE Systems PLC	Aerospace & Defense		27,170,802		216,769,966
Barclays PLC	Banks		27,161,363		79,848,654
BP PLC	Oil, Gas & Consumable Fuels		38,118,280		249,391,811
HSBC Holdings PLC	Banks		20,709,740		206,410,688
Kingfisher PLC	Specialty Retail		52,150,193		257,001,571
Man Group PLC	Capital Markets		23,440,122		55,433,816
Royal Dutch Shell PLC, B	Oil, Gas & Consumable Fuels		9,316,818		297,756,268
a Standard Chartered PLC	Banks		24,000,406		267,947,981
Vodafone Group PLC	Wireless Telecommunication Services		46,791,871		131,276,258
					1,761,837,013

18       Semiannual Report franklintempleton.com

TEMPLETON GROWTH FUND, INC.

STATEMENT OF INVESTMENTS (UNAUDITED)

	Industry	Shares		Value
Common Stocks (continued)
United States 37.1%
Advance Auto Parts Inc.	Specialty Retail		1,588,700	$	181,508,975
Allergan PLC	Pharmaceuticals		1,732,447		198,447,057
Ally Financial Inc.	Consumer Finance		1,576,830		43,993,557
a Alphabet Inc., A	Internet Software & Services		186,159		205,504,643
American International Group Inc.	Insurance		2,249,390		128,980,023
AmerisourceBergen Corp.	Health Care Providers & Services		1,738,000		165,388,080
Amgen Inc.	Biotechnology		1,532,560		281,638,551
Apache Corp.	Oil, Gas & Consumable Fuels		3,378,940		115,390,801
Apple Inc.	Technology Hardware, Storage & Peripherals		1,137,280		202,572,314
Capital One Financial Corp.	Consumer Finance		1,852,850		181,449,601
Cardinal Health Inc.	Health Care Providers & Services		2,104,950		145,683,590
a Celgene Corp.	Biotechnology		600,240		52,292,909
Cisco Systems Inc.	Communications Equipment		1,811,640		81,125,239
Citigroup Inc.	Banks		4,229,550		319,288,729
Comcast Corp., A	Media		4,549,420		164,734,498
a CommScope Holding Co. Inc.	Communications Equipment		1,863,400		72,132,214
ConocoPhillips	Oil, Gas & Consumable Fuels		3,579,420		194,398,300
Coty Inc., A	Personal Products		9,081,074		175,446,350
DXC Technology Co.	IT Services		922,658		94,609,351
Eli Lilly & Co.	Pharmaceuticals		1,911,840		147,249,917
Gilead Sciences Inc.	Biotechnology		2,820,100		222,026,473
b Helmerich & Payne Inc.	Energy Equipment & Services		1,581,100		102,060,005
JPMorgan Chase & Co.	Banks		1,283,400		148,232,700
Mattel Inc.	Leisure Products		2,081,100		33,089,490
Medtronic PLC	Health Care Equipment & Supplies		1,119,710		89,453,632
Microsoft Corp.	Software		1,745,370		163,663,345
a Navistar International Corp.	Machinery		4,435,290		165,525,023
a NetScout Systems Inc.	Communications Equipment		850,920		22,591,926
Oracle Corp.	Software		6,319,260		320,196,904
Perrigo Co. PLC	Pharmaceuticals		1,919,790		156,386,093
Twenty-First Century Fox Inc., A	Media		5,795,460		213,388,837
United Parcel Service Inc., B	Air Freight & Logistics		1,275,340		133,158,249
Voya Financial Inc.	Diversified Financial Services		1,584,377		80,834,915
Walgreens Boots Alliance Inc.	Food & Staples Retailing		2,321,800		159,948,802
					5,162,391,093
Total Common Stocks (Cost $10,774,693,612)					13,379,759,529
		Principal Amount
Corporate Bonds (Cost $63,709,307) 0.5%
United States 0.5%
c Chesapeake Energy Corp., secured note, second lien, 144A, 8.00%, 12/15/22	Oil, Gas & Consumable Fuels	$	68,272,000		72,880,360
Total Investments before Short Term Investments (Cost $10,838,402,919)					13,452,639,889

franklintempleton.com Semiannual Report       19

TEMPLETON GROWTH FUND, INC.

STATEMENT OF INVESTMENTS (UNAUDITED)

	Principal Amount		Value
Short Term Investments 3.2%
Time Deposits 3.1%
United States 3.1%
National Australia Bank Ltd., 1.32%, 3/01/18	$	270,000,000	$	270,000,000
Royal Bank of Canada, 1.37%, 3/01/18		163,800,000		163,800,000
Total Time Deposits (Cost $433,800,000)				433,800,000
	Shares
d Investments from Cash Collateral Received for Loaned Securities (Cost $6,013,400) 0.1%
Money Market Funds 0.1%
United States 0.1%
e,f Institutional Fiduciary Trust Money Market Portfolio, 1.02%		6,013,400		6,013,400
Total Investments (Cost $11,278,216,319) 99.8%				13,892,453,289
Other Assets, less Liabilities 0.2%				25,166,491
Net Assets 100.0%			$	13,917,619,780

See Abbreviations on page 33.

^aNon-income producing.

^bA portion or all of the security is on loan at February 28, 2018. See Note 1(c).

^cSecurity was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. This security has been deemed liquid under guidelines approved by the Fund’s Board of Directors.

^dSee Note 6 regarding securities on loan.

^eSee Note 3(f) regarding investments in affiliated management investment companies.

^fThe rate shown is the annualized seven-day yield at period end.

20       Semiannual Report  |  The accompanying notes are an integral part of these financial statements. franklintempleton.com

TEMPLETON GROWTH FUND, INC.

Financial Statements

Statement of Assets and Liabilities

February 28, 2018 (unaudited)

Assets:
+Investments in securities:
Cost - Unaffiliated issuers	$	11,272,202,919
Cost - Non-controlled affiliates (Note 3f and 8)		6,013,400
Value - Unaffiliated issuers	$	13,886,439,889
Value - Non-controlled affiliates (Note 3f and 8)		6,013,400
Cash		105,336
Receivables:
Investment securities sold		6,309,960
Capital shares sold		3,063,207
Dividends and interest		44,155,986
European Union tax reclaims		16,816,223
Other assets		14,630
Total assets		13,962,918,631
Liabilities:
Payables:
Investment securities purchased		13,180,399
Capital shares redeemed		11,247,706
Management fees		7,338,944
Distribution fees		2,611,233
Transfer agent fees		3,305,732
Payable upon return of securities loaned		6,013,400
Deferred tax		371,925
Accrued expenses and other liabilities		1,229,512
Total liabilities		45,298,851
Net assets, at value	$	13,917,619,780
Net assets consist of:
Paid-in capital	$	11,236,287,527
Undistributed net investment income		16,918,170
Net unrealized appreciation (depreciation)		2,615,360,241
Accumulated net realized gain (loss)		49,053,842
Net assets, at value	$	13,917,619,780
+Includes securities loaned	$	5,713,160

franklintempleton.com The accompanying notes are an integral part of these financial statements.|  Semiannual Report       21

TEMPLETON GROWTH FUND, INC.

FINANCIAL STATEMENTS

Statement of Assets and Liabilities (continued)

February 28, 2018 (unaudited)

Class A:
Net assets, at value	$	10,876,015,963
Shares outstanding		398,389,680
Net asset value per sharea		$27.30
Maximum offering price per share (net asset value per share ÷ 94.25%)		$28.97
Class C:
Net assets, at value	$	594,465,471
Shares outstanding		22,328,200
Net asset value and maximum offering price per sharea		$26.62
Class R:
Net assets, at value	$	95,865,151
Shares outstanding		3,542,812
Net asset value and maximum offering price per share		$27.06
Class R6:
Net assets, at value	$	1,851,477,201
Shares outstanding		67,880,228
Net asset value and maximum offering price per share		$27.28
Advisor Class:
Net assets, at value	$	499,795,994
Shares outstanding		18,287,061
Net asset value and maximum offering price per share		$27.33

^aRedemption price is equal to net asset value less contingent deferred sales charges, if applicable.

22       Semiannual Report  |  The accompanying notes are an integral part of these financial statements. franklintempleton.com

TEMPLETON GROWTH FUND, INC.

FINANCIAL STATEMENTS

Statement of Operations

for the six months ended February 28, 2018 (unaudited)

Investment income:
Dividends: (net of foreign taxes)*
Unaffiliated issuers	$	140,238,388
Interest:
Unaffiliated issuers		6,582,967
Income from securities loaned (net of fees and rebates)		256,572
Other income (Note 1d)		774,895
Total investment income		147,852,822
Expenses:
Management fees (Note 3a)		47,768,926
Distribution fees: (Note 3c)
Class A		13,727,306
Class C		2,992,958
Class R		246,551
Transfer agent fees: (Note 3e)
Class A		5,884,870
Class C		320,456
Class R		53,293
Advisor Class		273,956
Custodian fees (Note 4)		531,632
Reports to shareholders		388,239
Registration and filing fees		80,158
Professional fees		196,351
Directors’ fees and expenses		130,296
Other		49,102
Total expenses		72,644,094
Expenses waived/paid by affiliates (Note 3f)		(45,294	)
Net expenses		72,598,800
Net investment income		75,254,022
Realized and unrealized gains (losses):
Net realized gain (loss) from:
Investments:
Unaffiliated issuers		433,425,360
Non-controlled affiliates (Note 3f and 8)		4,225,731
Foreign currency transactions		1,455,524
Net realized gain (loss)		439,106,615
Net change in unrealized appreciation (depreciation) on:
Investments:
Unaffiliated issuers		290,535,671
Translation of other assets and liabilities denominated in foreign currencies		(63,252	)
Change in deferred taxes on unrealized appreciation		662,456
Net change in unrealized appreciation (depreciation)		291,134,875
Net realized and unrealized gain (loss)		730,241,490
Net increase (decrease) in net assets resulting from operations	$	805,495,512
*Foreign taxes withheld on dividends		$8,514,314

franklintempleton.com The accompanying notes are an integral part of these financial statements.|  Semiannual Report       23

TEMPLETON GROWTH FUND, INC.

FINANCIAL STATEMENTS

Statements of Changes in Net Assets

	Six Months Ended February 28, 2018 (unaudited)			Year Ended August 31, 2017
Increase (decrease) in net assets:
Operations:
Net investment income	$	75,254,022		$	215,494,018
Net realized gain (loss)		439,106,615			549,563,906
Net change in unrealized appreciation (depreciation)		291,134,875			1,458,765,968
Net increase (decrease) in net assets resulting from operations		805,495,512			2,223,823,892
Distributions to shareholders from:
Net investment income:
Class A		(195,191,318	)		(150,590,934	)
Class C		(6,311,785	)		(4,486,414	)
Class R		(1,537,795	)		(1,204,674	)
Class R6		(40,254,398	)		(33,129,446	)
Advisor Class		(10,062,504	)		(7,018,978	)
Total distributions to shareholders		(253,357,800	)		(196,430,446	)
Capital share transactions: (Note 2)
Class A		(435,959,192	)		(1,222,141,155	)
Class C		(25,639,504	)		(131,858,742	)
Class R		(7,667,524	)		(19,800,498	)
Class R6		(63,226,439	)		(291,674,151	)
Advisor Class		(42,974,723	)		67,955,675
Total capital share transactions		(575,467,382	)		(1,597,518,871	)
Net increase (decrease) in net assets		(23,329,670	)		429,874,575
Net assets:
Beginning of period		13,940,949,450			13,511,074,875
End of period	$	13,917,619,780		$	13,940,949,450
Undistributed net investment income included in net assets:
End of period	$	16,918,170		$	195,021,948

24       Semiannual Report  |  The accompanying notes are an integral part of these financial statements. franklintempleton.com

TEMPLETON GROWTH FUND, INC.

Notes to Financial Statements (unaudited)

1. Organization and Significant Accounting Policies

Templeton Growth Fund, Inc. (Fund) is registered under the Investment Company Act of 1940 (1940 Act) as an open-end management investment company and applies the specialized accounting and reporting guidance in U.S. Generally Accepted Accounting Principles (U.S. GAAP). The Fund offers five classes of shares: Class A, Class C, Class R, Class R6 and Advisor Class. Each class of shares may differ by its initial sales load, contingent deferred sales charges, voting rights on matters affecting a single class, its exchange privilege and fees due to differing arrangements for distribution and transfer agent fees.

The following summarizes the Fund’s significant accounting policies.

a. Financial Instrument Valuation

The Fund’s investments in financial instruments are carried at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Fund calculates the net asset value (NAV) per share as of 4 p.m. Eastern time each day the New York Stock Exchange (NYSE) is open for trading. Under compliance policies and procedures approved by the Fund’s Board of Directors (the Board), the Fund’s administrator has responsibility for oversight of valuation, including leading the cross-functional Valuation Committee (VC). The VC provides administration and oversight of the Fund’s valuation policies and procedures, which are approved annually by the Board. Among other things, these procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers, and other market sources to determine fair value.

Equity securities listed on an exchange or on the NASDAQ National Market System are valued at the last quoted sale price or the official closing price of the day, respectively. Foreign equity securities are valued as of the close of trading on the foreign stock exchange on which the security is primarily traded, or as of 4 p.m. Eastern time. The value is then converted into its U.S. dollar equivalent at the foreign exchange rate in effect at 4 p.m. Eastern time on the day that the value of the security is determined. Over-the-counter (OTC) securities are valued within the range of the most recent quoted bid and ask prices. Securities that trade in multiple markets or on multiple

exchanges are valued according to the broadest and most representative market. Certain equity securities are valued based upon fundamental characteristics or relationships to similar securities.

Debt securities generally trade in the OTC market rather than on a securities exchange. The Fund’s pricing services use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics such as benchmark yield curves, credit spreads, estimated default rates, anticipated market interest rate volatility, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair value.

Investments in open-end mutual funds are valued at the closing NAV. Investments in time deposits are valued at cost, which approximates fair value.

The Fund has procedures to determine the fair value of financial instruments for which market prices are not reliable or readily available. Under these procedures, the VC convenes on a regular basis to review such financial instruments and considers a number of factors, including significant unobservable valuation inputs, when arriving at fair value. The VC primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may also be used in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed. The VC employs various methods for calibrating these valuation approaches including a regular review of key inputs and assumptions, transactional back-testing or disposition analysis, and reviews of any related market activity.

franklintempleton.com Semiannual Report       25

TEMPLETON GROWTH FUND, INC.

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

1. Organization and Significant Accounting

Policies (continued)

a. Financial Instrument Valuation (continued)

Trading in securities on foreign securities stock exchanges and OTC markets may be completed before 4 p.m. Eastern time. In addition, trading in certain foreign markets may not take place on every Fund’s business day. Occasionally, events occur between the time at which trading in a foreign security is completed and 4 p.m. Eastern time that might call into question the reliability of the value of a portfolio security held by the Fund. As a result, differences may arise between the value of the Fund’s portfolio securities as determined at the foreign market close and the latest indications of value at 4 p.m. Eastern time. In order to minimize the potential for these differences, the VC monitors price movements following the close of trading in foreign stock markets through a series of country specific market proxies (such as baskets of American Depositary Receipts, futures contracts and exchange traded funds). These price movements are measured against established trigger thresholds for each specific market proxy to assist in determining if an event has occurred that may call into question the reliability of the values of the foreign securities held by the Fund. If such an event occurs, the securities may be valued using fair value procedures, which may include the use of independent pricing services.

When the last day of the reporting period is a non-business day, certain foreign markets may be open on those days that the Fund’s NAV is not calculated, which could result in differences between the value of the Fund’s portfolio securities on the last business day and the last calendar day of the reporting period. Any significant security valuation changes due to an open foreign market are adjusted and reflected by the Fund for financial reporting purposes.

b. Foreign Currency Translation

Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the exchange rate of such currencies against U.S. dollars on the date of valuation. The Fund may enter into foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of securities, income and expense items denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date. Portfolio securities and assets and liabilities denominated in foreign currencies contain risks that those currencies will

decline in value relative to the U.S. dollar. Occasionally, events may impact the availability or reliability of foreign exchange rates used to convert the U.S. dollar equivalent value. If such an event occurs, the foreign exchange rate will be valued at fair value using procedures established and approved by the Board.

The Fund does not separately report the effect of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized and unrealized gain or loss from investments in the Statement of Operations.

Realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period.

c. Securities Lending

The Fund participates in an agency based securities lending program to earn additional income. The Fund receives cash collateral against the loaned securities in an amount equal to at least 102% of the fair value of the loaned securities. Collateral is maintained over the life of the loan in an amount not less than 100% of the fair value of loaned securities, as determined at the close of Fund business each day; any additional collateral required due to changes in security values is delivered to the Fund on the next business day. The collateral is deposited into a joint cash account with other funds and is used to invest in a money market fund managed by Franklin Advisers, Inc., an affiliate of the Fund. The Fund may receive income from the investment of cash collateral, in addition to lending fees and rebates paid by the borrower. Income from securities loaned, net of fees paid to the securities lending agent and/or third-party vendor, is reported separately in the Statement of Operations. The Fund bears the market risk with respect to the collateral investment, securities loaned, and the risk that the agent may default on its obligations to the Fund. If the borrower defaults on its obligation to return the securities loaned, the Fund has the

26       Semiannual Report franklintempleton.com

TEMPLETON GROWTH FUND, INC.

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

right to repurchase the securities in the open market using the collateral received. The securities lending agent has agreed to indemnify the Fund in the event of default by a third party borrower.

d. Income and Deferred Taxes

It is the Fund’s policy to qualify as a regulated investment company under the Internal Revenue Code. The Fund intends to distribute to shareholders substantially all of its taxable income and net realized gains to relieve it from federal income and excise taxes. As a result, no provision for U.S. federal income taxes is required.

The Fund may be subject to foreign taxation related to income received, capital gains on the sale of securities and certain foreign currency transactions in the foreign jurisdictions in which it invests. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests. When a capital gain tax is determined to apply, the Fund records an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

As a result of several court cases, in certain countries across the European Union, the Fund filed additional tax reclaims for previously withheld taxes on dividends earned in those countries (EU reclaims). These additional filings are subject to various administrative proceedings by the local jurisdictions’ tax authorities within the European Union, as well as a number of related judicial proceedings. Income recognized, if any, for EU reclaims is reflected as other income in the Statement of Operations and any related receivable, if any, is reflected as European Union tax reclaims in the Statement of Assets and Liabilities. When uncertainty exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these EU reclaims, and the potential timing of payment, no amounts are reflected in the financial statements. For U.S. income tax purposes, EU reclaims received by the Fund, if any, reduce the amounts of foreign taxes Fund shareholders can use as tax credits in their individual income tax returns.

The Fund may recognize an income tax liability related to its uncertain tax positions under U.S. GAAP when the uncertain tax position has a less than 50% probability that it will be sustained upon examination by the tax authorities based on its technical merits. As of February 28, 2018, the Fund has determined that no tax liability is required in its financial

statements related to uncertain tax positions for any open tax years (or expected to be taken in future tax years). Open tax years are those that remain subject to examination and are based on the statute of limitations in each jurisdiction in which the Fund invests.

e. Security Transactions, Investment Income, Expenses and Distributions

Security transactions are accounted for on trade date. Realized gains and losses on security transactions are determined on a specific identification basis. Interest income and estimated expenses are accrued daily. Amortization of premium and accretion of discount on debt securities are included in interest income. Dividend income is recorded on the ex-dividend date except for certain dividends from securities where the dividend rate is not available. In such cases, the dividend is recorded as soon as the information is received by the Fund. Distributions to shareholders are recorded on the ex-dividend date. Distributable earnings are determined according to income tax regulations (tax basis) and may differ from earnings recorded in accordance with U.S. GAAP. These differences may be permanent or temporary. Permanent differences are reclassified among capital accounts to reflect their tax character. These reclassifications have no impact on net assets or the results of operations. Temporary differences are not reclassified, as they may reverse in subsequent periods.

Realized and unrealized gains and losses and net investment income, excluding class specific expenses, are allocated daily to each class of shares based upon the relative proportion of net assets of each class. Differences in per share distributions by class are generally due to differences in class specific expenses.

f. Accounting Estimates

The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

g. Guarantees and Indemnifications

Under the Fund’s organizational documents, its officers and directors are indemnified by the Fund against certain liabilities arising out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts with service providers that contain general

franklintempleton.com Semiannual Report       27

TEMPLETON GROWTH FUND, INC.

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

1. Organization and Significant Accounting Policies (continued)

g. Guarantees and Indemnifications (continued)

indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Currently, the Fund expects the risk of loss to be remote.

2. Capital Stock

At February 28, 2018, there were 2.4 billion shares authorized ($0.01 par value). Transactions in the Fund’s shares were as follows:

	Six Months Ended February 28, 2018						Year Ended August 31, 2017
	Shares			Amount			Shares			Amount
Class A Shares:
Shares sold		7,658,377		$	209,296,457			17,970,411		$	440,938,193
Shares issued in reinvestment of distributions		6,012,474			161,659,268			5,266,762			124,927,590
Shares redeemed		(29,547,402	)		(806,914,917	)		(73,159,840	)		(1,788,006,938	)
Net increase (decrease)		(15,876,551	)	$	(435,959,192	)		(49,922,667	)	$	(1,222,141,155	)
Class C Shares:
Shares sold		888,364		$	23,734,631			1,518,318		$	36,203,855
Shares issued in reinvestment of distributions		236,590			6,212,842			178,644			4,140,979
Shares redeemed		(2,093,866	)		(55,586,977	)		(7,172,776	)		(172,203,576	)
Net increase (decrease)		(968,912	)	$	(25,639,504	)		(5,475,814	)	$	(131,858,742	)
Class R Shares:
Shares sold		158,517		$	4,276,732			397,775		$	9,698,059
Shares issued in reinvestment of distributions		56,467			1,505,423			50,146			1,179,928
Shares redeemed		(494,595	)		(13,449,679	)		(1,266,726	)		(30,678,485	)
Net increase (decrease)		(279,611	)	$	(7,667,524	)		(818,805	)	$	(19,800,498	)
Class R6 Shares:
Shares sold		2,449,726		$	66,185,422			755,882		$	18,359,631
Shares issued in reinvestment of distributions		1,451,754			38,965,075			1,358,201			32,175,780
Shares redeemed		(6,138,639	)		(168,376,936	)		(13,947,550	)		(342,209,562	)
Net increase (decrease)		(2,237,159	)	$	(63,226,439	)		(11,833,467	)	$	(291,674,151	)
Advisor Class Shares:
Shares sold		1,619,304		$	44,034,491			8,486,061		$	206,700,667
Shares issued in reinvestment of distributions		335,044			9,012,671			270,582			6,423,618
Shares redeemed		(3,543,306	)		(96,021,885	)		(5,983,373	)		(145,168,610	)
Net increase (decrease)		(1,588,958	)	$	(42,974,723	)		2,773,270		$	67,955,675

28       Semiannual Report franklintempleton.com

TEMPLETON GROWTH FUND, INC.

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

3. Transactions with Affiliates

Franklin Resources, Inc. is the holding company for various subsidiaries that together are referred to as Franklin Templeton Investments. Certain officers and directors of the Fund are also officers and/or directors of the following subsidiaries:

Subsidiary	Affiliation
Templeton Global Advisors Limited (TGAL)	Investment manager
Franklin Templeton Services, LLC (FT Services)	Administrative manager
Franklin Templeton Distributors, Inc. (Distributors)	Principal underwriter
Franklin Templeton Investor Services, LLC (Investor Services)	Transfer agent

a. Management Fees

The Fund pays an investment management fee to TGAL based on the average daily net assets of the Fund as follows:

Annualized Fee Rate	Net Assets
0.780%	Up to and including $200 million
0.765%	Over $200 million, up to and including $700 million
0.730%	Over $700 million, up to and including $1 billion
0.715%	Over $1 billion, up to and including $1.2 billion
0.690%	Over $1.2 billion, up to and including $5 billion
0.675%	Over $5 billion, up to and including $10 billion
0.655%	Over $10 billion, up to and including $15 billion
0.635%	Over $15 billion, up to and including $20 billion
0.615%	Over $20 billion, up to and including $25 billion
0.605%	Over $25 billion, up to and including $30 billion
0.595%	Over $30 billion, up to and including $35 billion
0.585%	Over $35 billion, up to and including $40 billion
0.575%	Over $40 billion, up to and including $45 billion
0.565%	In excess of $45 billion

For the period ended February 28, 2018, the annualized gross effective investment management fee rate was 0.680% of the Fund’s average daily net assets.

b. Administrative Fees

Under an agreement with TGAL, FT Services provides administrative services to the Fund. The fee is paid by TGAL based on the Fund’s average daily net assets, and is not an additional expense of the Fund.

c. Distribution Fees

The Board has adopted distribution plans for each share class, with the exception of Class R6 and Advisor Class shares, pursuant to Rule 12b-1 under the 1940 Act. Under the Fund’s Class A reimbursement distribution plan, the Fund reimburses Distributors for costs incurred in connection with the servicing, sale and distribution of the Fund’s shares up to the maximum annual plan rate. Under the Class A reimbursement distribution plan, costs exceeding the maximum for the current plan year cannot be reimbursed in subsequent periods. In addition, under the Fund’s Class C and R compensation distribution plans, the Fund pays Distributors for costs incurred in connection with the servicing, sale and distribution of the Fund’s shares up to the maximum annual plan rate for each class. The plan year, for purposes of monitoring compliance with the maximum annual plan rates, is February 1 through January 31.

franklintempleton.com Semiannual Report       29

TEMPLETON GROWTH FUND, INC.

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

3. Transactions with Affiliates (continued)

c. Distribution Fees (continued)

The maximum annual plan rates, based on the average daily net assets, for each class, are as follows:

Class A	0.25	%
Class C	1.00	%
Class R	0.50	%

d. Sales Charges/Underwriting Agreements

Front-end sales charges and contingent deferred sales charges (CDSC) do not represent expenses of the Fund. These charges are deducted from the proceeds of sales of Fund shares prior to investment or from redemption proceeds prior to remittance, as applicable. Distributors has advised the Fund of the following commission transactions related to the sales and redemptions of the Fund’s shares for the period:

Sales charges retained net of commissions paid to unaffiliated brokers/dealers	$	238,250
CDSC retained	$	5,533

e. Transfer Agent Fees

Each class of shares pays transfer agent fees to Investor Services for its performance of shareholder servicing obligations. Effective November 1, 2017, the fees are based on an annualized asset based fee of 0.02% plus a transaction based fee. Prior to November 1, 2017, the fees were account based fees that varied based on fund or account type. In addition, each class reimburses Investor Services for out of pocket expenses incurred and, except for Class R6, reimburses shareholder servicing fees paid to third parties. These fees are allocated daily based upon their relative proportion of such classes’ aggregate net assets. Class R6 pays Investor Services transfer agent fees specific to that class.

For the period ended February 28, 2018, the Fund paid transfer agent fees of $6,532,575, of which $2,088,100 was retained by Investor Services.

f. Investments in Affiliated Management Investment Companies

The Fund invests in one or more affiliated management investment companies for purposes other than exercising a controlling influence over the management or policies. Management fees paid by the Fund are waived on assets invested in the affiliated management investment companies, as noted in the Statement of Operations, in an amount not to exceed the management and administrative fees paid directly or indirectly by each affiliate. During the period ended February 28, 2018, the Fund held investments in affiliated management investment companies as follows:

	Number of Shares Held at Beginning of Period		Gross Additions		Gross Reductions			Number of Shares Held at End of Period		Value at End of Period		Dividend Income		Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)
Non-Controlled Affiliates
Institutional Fiduciary Trust Money Market Portfolio, 1.02%		—		594,277,236		(588,263,836	)		6,013,400	$	6,013,400		$  —		$  —		$  —

g. Waiver and Expense Reimbursements

Investor Services has voluntarily agreed in advance to waive or limit its fees so that the Class R6 transfer agent fees do not exceed 0.02%. Investor Services may discontinue this waiver in the future.

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TEMPLETON GROWTH FUND, INC.

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

h. Other Affiliated Transactions

At February 28, 2018, one or more of the funds in Franklin Fund Allocator Series owned 12.4% of the Fund’s outstanding shares.

4. Expense Offset Arrangement

The Fund has entered into an arrangement with its custodian whereby credits realized as a result of uninvested cash balances are used to reduce a portion of the Fund’s custodian expenses. During the period ended February 28, 2018, there were no credits earned.

5. Income Taxes

For tax purposes, capital losses may be carried over to offset future capital gains. Capital loss carryforwards with no expiration, if any, must be fully utilized before those losses with expiration dates.

At August 31, 2017, the Fund had capital loss carryforwards of $438,446,486 expiring in 2018.

At February 28, 2018, the cost of investments and net unrealized appreciation (depreciation) for income tax purposes were as follows:

Cost of investments	$	11,229,822,608
Unrealized appreciation	$	3,556,346,619
Unrealized depreciation		(893,715,938	)
Net unrealized appreciation (depreciation)	$	2,662,630,681

Differences between income and/or capital gains as determined on a book basis and a tax basis are primarily due to differing treatment of corporate actions and wash sales.

6. Investment Transactions

Purchases and sales of investments (excluding short term securities) for the period ended February 28, 2018, aggregated $1,173,006,890 and $1,598,456,274, respectively.

At February 28, 2018, in connection with securities lending transactions, the Fund loaned equity investments and received $6,013,400 of cash collateral. The gross amount of recognized liability for such transactions is included in payable upon return of securities loaned in the Statement of Assets and Liabilities. The agreements can be terminated at any time.

7. Concentration of Risk

Investing in foreign securities may include certain risks and considerations not typically associated with investing in U.S. securities, such as fluctuating currency values and changing local and regional economic, political and social conditions, which may result in greater market volatility. In addition, certain foreign securities may not be as liquid as U.S. securities.

franklintempleton.com Semiannual Report       31

TEMPLETON GROWTH FUND, INC.

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

8. Holdings of 5% Voting Securities of Portfolio Companies

The 1940 Act defines “affiliated companies” to include investments in portfolio companies in which a fund owns 5% or more of the outstanding voting securities. During the period ended February 28, 2018, investments in “affiliated companies” were as follows:

Name of Issuer

Number of Shares Held at Beginning of Period

Gross Additions

Gross Reductions

Number of Shares Held at End of Period

Value at End of Period

Dividend Income

Realized Gain (Loss)

Net Change in Unrealized Appreciation (Depreciation)

Non-Controlled Affiliates

Navistar International Corp.

5,754,190

—

(1,318,900

)

4,435,290

$—

a

$—

$4,225,731

$—

a

aAs of February 28, 2018, no longer an affiliate.

9. Credit Facility

The Fund, together with other U.S. registered and foreign investment funds (collectively, Borrowers), managed by Franklin Templeton Investments, are borrowers in a joint syndicated senior unsecured credit facility totaling $2 billion (Global Credit Facility) which matures on February 8, 2019. This Global Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the ability to meet future unanticipated or unusually large redemption requests.

Under the terms of the Global Credit Facility, the Fund shall, in addition to interest charged on any borrowings made by the Fund and other costs incurred by the Fund, pay its share of fees and expenses incurred in connection with the implementation and maintenance of the Global Credit Facility, based upon its relative share of the aggregate net assets of all of the Borrowers, including an annual commitment fee of 0.15% based upon the unused portion of the Global Credit Facility. These fees are reflected in other expenses in the Statement of Operations. During the period ended February 28, 2018, the Fund did not use the Global Credit Facility.

10. Fair Value Measurements

The Fund follows a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Fund’s own market assumptions (unobservable inputs). These inputs are used in determining the value of the Fund’s financial instruments and are summarized in the following fair value hierarchy:

• Level 1 – quoted prices in active markets for identical financial instruments

• Level 2 – other significant observable inputs (including quoted prices for similar financial instruments, interest rates, prepayment speed, credit risk, etc.)

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of financial instruments)

The input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level.

For movements between the levels within the fair value hierarchy, the Fund has adopted a policy of recognizing the transfers as of the date of the underlying event which caused the movement.

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TEMPLETON GROWTH FUND, INC.

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

A summary of inputs used as of February 28, 2018, in valuing the Fund’s assets carried at fair value, is as follows:

	Level 1		Level 2		Level 3		Total
Assets:
Investments in Securities:a
Equity Investments		$ 13,379,759,529	$	—	$	—	$	13,379,759,529
Corporate Bonds		—		72,880,360		—		72,880,360
Short Term Investments		6,013,400		433,800,000		—		439,813,400
Total Investments in Securities		$ 13,385,772,929	$	506,680,360	$	—	$	13,892,453,289

^aFor detailed categories, see the accompanying Statement of Investments.

11. Subsequent Events

The Fund has evaluated subsequent events through the issuance of the financial statements and determined that no events have occurred that require disclosure.

Abbreviations

Selected Portfolio
ADR	American Depositary Receipt
IDR	International Depositary Receipt
NVDR	Non-Voting Depositary Receipt

franklintempleton.com Semiannual Report       33

TEMPLETON GROWTH FUND, INC.

Special Meeting of Shareholders

MEETING OF SHAREHOLDERS: OCTOBER 30, 2017 AND RECONVENED ON DECEMBER 15, 2017

(UNAUDITED)

A Special Meeting of Shareholders of Templeton Growth Fund, Inc. was held at the offices of Franklin Templeton Investments, 300 S.E. 2nd Street, Fort Lauderdale, Florida on October 30, 2017 and reconvened on December 15, 2017. The purpose of the meeting was to elect Directors of Templeton Growth Fund, Inc. and to vote on the following proposals: to approve amendments to certain fundamental investment restrictions of the Fund (which included five sub-proposals); to approve the elimination of certain fundamental investment restrictions of the Fund (which included five sub-proposals); and to approve the use of a “manager of managers” structure whereby the Fund’s investment manager would be able to hire and replace subadvisers without shareholder approval. At the meeting, (i) the following persons were elected by the shareholders to serve as Directors of the Templeton Growth Fund, Inc.: Harris J. Ashton, Ann Torre Bates, Mary C. Choksi, Edith E. Holiday, Gregory E. Johnson, Rupert H. Johnson, Jr., J. Michael Luttig, David W. Niemiec, Larry D. Thompson, Constantine D. Tseretopoulos, and Robert E. Wade; and (ii) the proposals and sub-proposals, as applicable, to approve amendments to certain fundamental investment restrictions of the Fund, to approve the elimination of certain fundamental investment restrictions of the Fund, and to approve the use of a “manager of managers” structure were approved by shareholders. No other business was transacted at the meeting.

In connection with the meeting, management is aware that some shareholders received from the proxy solicitor numerous calls and mailings that may have been distracting. Management is taking steps to ensure that, in the future, for any new shareholder meeting solicitations that occur, such activity is not repeated. Management apologizes for any inconvenience that may have been caused as a result of such calls and mailings.

The results of the voting at the meeting are as follows:

Proposal 1. To elect a Board of Directors:

Name	For		Withheld
Harris J. Ashton		324,889,965		15,770,249
Ann Torre Bates		325,453,533		15,207,014
Mary C. Choksi		325,443,517		15,217,030
Edith E. Holiday		325,307,144		15,353,403
Gregory E. Johnson		325,391,501		15,269,046
Rupert H. Johnson, Jr.		325,136,853		15,523,694
J. Michael Luttig		325,190,132		15,470,416
David W. Niemiec		325,060,952		15,599,596
Larry D. Thompson		325,088,268		15,572,279
Constantine D. Tseretopoulos		325,469,117		15,191,431
Robert E. Wade		325,020,134		15,640,414
Total Trust Shares Outstanding*:  640,280,948

* As of the record date.

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TEMPLETON GROWTH FUND, INC.

SPECIAL MEETING OF SHAREHOLDERS

Proposal 2. To approve amendments to certain fundamental investment restrictions of the Fund (includes five (5) Sub-Proposals) as follows:

(a) To amend the fundamental investment restriction regarding borrowing:

	Shares
For	245,361,608
Against	13,156,302
Abstain	39,334,312
Broker Non-Votes	42,807,991
Total Fund Shares Voted	340,660,214
Total Fund Shares Outstanding*	640,280,948
(b)  To amend the fundamental investment restriction regarding lending:
	Shares
For	245,873,254
Against	12,603,592
Abstain	39,375,374
Broker Non-Votes	42,807,991
Total Fund Shares Voted	340,660,214
Total Fund Shares Outstanding*	640,280,948
(c)   To amend the fundamental investment restriction regarding investments in real estate:
	Shares
For	246,206,955
Against	12,400,607
Abstain	39,244,661
Broker Non-Votes	42,807,991
Total Fund Shares Voted	340,660,214
Total Fund Shares Outstanding*	640,280,948
(d)  To amend the fundamental investment restriction regarding investments in commodities:
	Shares
For	245,724,528
Against	12,650,144
Abstain	39,477,551
Broker Non-Votes	42,807,991
Total Fund Shares Voted	340,660,214
Total Fund Shares Outstanding*	640,280,948
(e)   To amend the fundamental investment restriction regarding issuing senior securities:
	Shares
For	245,533,502
Against	12,705,545
Abstain	39,613,175
Broker Non-Votes	42,807,991
Total Fund Shares Voted	340,660,214
Total Fund Shares Outstanding*	640,280,948

franklintempleton.com Semiannual Report       35

TEMPLETON GROWTH FUND, INC.

SPECIAL MEETING OF SHAREHOLDERS

Proposal 3. To approve the elimination of certain fundamental investment restrictions of the Fund (includes five (5) Sub-Proposals) as follows:

(a)   To eliminate the fundamental investment restriction regarding pledging, mortgaging or hypothecating assets:
	Shares
For	243,287,509
Against	14,663,393
Abstain	39,901,317
Broker Non-Votes	42,807,991
Total Fund Shares Voted	340,660,214
Total Fund Shares Outstanding*	640,280,948
(b)  To eliminate the fundamental investment restriction regarding purchasing securities on margin, engaging in short sales and investing in options:
	Shares
For	243,043,145
Against	15,543,100
Abstain	39,265,970
Broker Non-Votes	42,807,991
Total Fund Shares Voted	340,660,214
Total Fund Shares Outstanding*	640,280,948
(c)   To eliminate the fundamental investment restriction regarding investments in other investment companies:
	Shares
For	244,999,591
Against	13,415,257
Abstain	39,437,370
Broker Non-Votes	42,807,991
Total Fund Shares Voted	340,660,214
Total Fund Shares Outstanding*	640,280,948
(d)  To eliminate the fundamental investment restriction regarding investments in oil and gas programs:
	Shares
For	246,258,300
Against	12,394,313
Abstain	39,199,610
Broker Non-Votes	42,807,991
Total Fund Shares Voted	340,660,214
Total Fund Shares Outstanding*	640,280,948

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TEMPLETON GROWTH FUND, INC.

SPECIAL MEETING OF SHAREHOLDERS

(e)   To eliminate the fundamental investment restriction regarding investments in letter stocks:
	Shares
For		243,074,579
Against		14,209,656
Abstain		40,567,986
Broker Non-Votes		42,807,991
Total Fund Shares Voted		340,660,214
Total Fund Shares Outstanding*		640,280,948

Proposal 4. To approve the use of a “manager of managers” structure whereby the Fund’s investment manager would be able to hire and replace subadvisers without shareholder approval:

	Shares
For		245,817,062
Against		13,076,093
Abstain		38,959,066
Broker Non-Votes		42,807,991
Total Fund Shares Voted		340,660,214
Total Fund Shares Outstanding*		640,280,948

franklintempleton.com Semiannual Report       37

TEMPLETON GROWTH FUND, INC.

Shareholder Information

Proxy Voting Policies and Procedures

The Fund’s investment manager has established Proxy Voting Policies and Procedures (Policies) that the Fund uses to determine how to vote proxies relating to portfolio securities. Shareholders may view the Fund’s complete Policies online at franklintempleton.com. Alternatively, shareholders may request copies of the Policies free of charge by calling the Proxy Group collect at (954) 527-7678 or by sending a written request to: Franklin Templeton Companies, LLC, 300 S.E. 2nd Street, Fort Lauderdale, FL 33301, Attention: Proxy Group. Copies of the Fund’s proxy voting records are also made available online at franklintempleton.com and posted on the US Securities and Exchange Commission’s website at sec.gov and reflect the most recent 12-month period ended June 30.

Quarterly Statement of Investments

The Fund files a complete statement of investments with the US Securities and Exchange Commission for the first and third quarters for each fiscal year on Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission’s website at sec.gov. The filed form may also be viewed and copied at the Commission’s Public Reference Room in Washington, DC. Information regarding the operations of the Public Reference Room may be obtained by calling (800) SEC-0330.

38       Semiannual Report franklintempleton.com

	Semiannual Report and Shareholder Letter Templeton Growth Fund, Inc.
	Investment Manager Templeton Global Advisors Limited
	Distributor Franklin Templeton Distributors, Inc. (800) DIAL BEN® / 342-5236 franklintempleton.com
	Shareholder Services (800) 632-2301

Authorized for distribution only when accompanied or preceded by a summary prospectus and/or prospectus. Investors should carefully consider a fund’s investment goals, risks, charges and expenses before investing. A prospectus contains this and other information; please read it carefully before investing.

To help ensure we provide you with quality service, all calls to and from our service areas are monitored and/or recorded.

^© 2018 Franklin Templeton Investments. All rights reserved. 101 S 04/18

Item 2. Code of Ethics.

(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.

(c) N/A

(d) N/A

(f) Pursuant to Item 12(a)(1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

Item 3. Audit Committee Financial Expert.

(a)	(1)	The Registrant has an audit committee financial expert serving on its audit committee.
	(2)	The audit committee financial expert is David W. Niemiec and he is “independent” as defined under the relevant Securities and Exchange Commission Rules and Releases.

Item 4. Principal Accountant Fees and Services. N/A

Item 5. Audit Committee of Listed Registrants. N/A

Item 6. Schedule of Investments. N/A

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. N/A

Item 8. Portfolio Managers of Closed-End Management Investment Companies. N/A

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. N/A

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Directors that would require disclosure herein.

Item 11. Controls and Procedures.

(a) Evaluation of Disclosure Controls and Procedures. The Registrant maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in the Registrant’s filings under the Securities Exchange Act of 1934 and the Investment Company Act of 1940 is recorded,

processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the Registrant’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Registrant’s management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

Within 90 days prior to the filing date of this Shareholder Report on Form N-CSR, the Registrant had carried out an evaluation, under the supervision and with the participation of the Registrant’s management, including the Registrant’s principal executive officer and the Registrant’s principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on such evaluation, the Registrant’s principal executive officer and principal financial officer concluded that the Registrant’s disclosure controls and procedures are effective.

(b) Changes in Internal Controls. There have been no changes in the Registrant’s internal controls or in other factors that could materially affect the internal controls over financial reporting subsequent to the date of their evaluation in connection with the preparation of this Shareholder Report on Form N-CSR.

Item 12. Exhibits.

(a)(1) Code of Ethics

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Robert G. Kubilis, Chief Financial Officer and Chief Accounting Officer

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Robert G. Kubilis, Chief Financial Officer and Chief Accounting Officer

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

TEMPLETON GROWTH FUND, INC.

By	/s/ MATTHEW T. HINKLE
	Matthew T. Hinkle
	Chief Executive Officer - Finance and Administration

Date April 26, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	/s/ MATTHEW T. HINKLE
	Matthew T. Hinkle
	Chief Executive Officer - Finance and Administration
Date April 26, 2018

By	/s/ ROBERT G. KUBILIS
	Robert G. Kubilis
	Chief Financial Officer and Chief Accounting Officer
Date April 26, 2018

EX-99.CODE

Exhibit 12(a)(1)

CODE OF ETHICS FOR PRINCIPAL EXECUTIVES & SENIOR FINANCIAL OFFICERS

PROCEDURES    Revised December 18, 2009

FRANKLIN TEMPLETON FUNDS

CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND

SENIOR FINANCIAL OFFICERS

I. Covered Officers and Purpose of the Code

This code of ethics (the “Code”) applies to the Principal Executive Officers, Principal Financial Officer and Principal Accounting Officer (the “Covered Officers,” each of whom is set forth in Exhibit A) of each investment company advised by a Franklin Resources subsidiary and that is registered with the United States Securities & Exchange Commission (“SEC”) (collectively, “FT Funds”) for the purpose of promoting:

• Honest and ethical conduct, including the ethical resolution of actual or apparent conflicts of interest between personal and professional relationships;

• Full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the SEC and in other public communications made by or on behalf of the FT Funds;

• Compliance with applicable laws and governmental rules and regulations;

• The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

• Accountability for adherence to the Code.

Each Covered Officer will be expected to adhere to a high standard of business ethics and must be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

II. Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder.

Franklin Resources, Inc. has separately adopted the CODE OF ETHICS AND BUSINESS CONDUCT (“Business Conduct”), which is applicable to all officers, directors and employees of Franklin Resources, Inc., including Covered Officers. It summarizes the values, principles and business practices that guide the employee’s business conduct and also provides a set of basic principles to guide officers, directors and employees regarding the minimum ethical requirements expected of them. It supplements the values, principles and business conduct identified in the Code and other existing employee policies.

Additionally, the Franklin Templeton Funds have separately adopted the CODE OF ETHICS AND POLICY STATEMENT ON INSIDER TRADING governing personal securities trading and other related matters. The Code for Insider Trading provides for separate requirements that apply to the Covered Officers and others, and therefore is not part of this Code.

Page 1

Insofar as other policies or procedures of Franklin Resources, Inc., the Funds, the Funds’ adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superceded by this Code to the extent that they overlap or conflict with the provisions of this Code. Please review these other documents or consult with the Legal Department if have questions regarding the applicability of these policies to you.

III. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

OVERVIEW. A “conflict of interest” occurs when a Covered Officer’s private interest interferes with the interests of, or his or her service to, the FT Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of apposition with the FT Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the FT Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (“Investment Company Act”) and the Investment Advisers Act of 1940 (“Investment Advisers Act”). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the FT Funds because of their status as “affiliated persons” of the FT Funds. The FT Funds’ and the investment advisers’ compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the FT Funds, the investment advisers and the fund administrator of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the FT Funds, for the adviser, the administrator, or for all three), be involved in establishing policies and implementing decisions that will have different effects on the adviser, administrator and the FT Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the FT Funds, the adviser, and the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the FT Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the FT Funds’ Boards of Directors (“Boards”) that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the FT Funds.

Each Covered Officer must:

• Not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the FT Funds whereby the Covered Officer would benefit personally to the detriment of the FT Funds;

Page 2

• Not cause the FT Funds to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit the FT Funds;

• Not retaliate against any other Covered Officer or any employee of the FT Funds or their affiliated persons for reports of potential violations that are made in good faith;

• Report at least annually the following affiliations or other relationships:/1

• all directorships for public companies and all companies that are required to file reports with the SEC;

• any direct or indirect business relationship with any independent directors of the FT Funds;

• any direct or indirect business relationship with any independent public accounting firm (which are not related to the routine issues related to the firm’s service as the Covered Persons accountant); and

• any direct or indirect interest in any transaction with any FT Fund that will benefit the officer (not including benefits derived from the advisory, sub-advisory, distribution or service agreements with affiliates of Franklin Resources).

These reports will be reviewed by the Legal Department for compliance with the Code.

There are some conflict of interest situations that should always be approved in writing by Franklin Resources General Counsel or Deputy General Counsel, if material. Examples of these include/2:

• Service as a director on the board of any public or private Company;

• The receipt of any gifts in excess of $100 from any person, from any corporation or association

• The receipt of any entertainment from any Company with which the FT Funds has current or prospective business dealings unless such entertainment is business related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety. Notwithstanding the foregoing, the Covered Officers must obtain prior approval from the Franklin Resources General Counsel for any entertainment with a value in excess of $1000.

• Any ownership interest in, or any consulting or employment relationship with, any of the FT Fund’s service providers, other than an investment adviser, principal underwriter, administrator or any affiliated person thereof;

• A direct or indirect financial interest in commissions, transaction charges or spreads paid by the FT Funds for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer’s employment, such as compensation or equity ownership.

Franklin Resources General Counsel or Deputy General Counsel will provide a report to the FT Funds Audit Committee of any approvals granted at the next regularly scheduled meeting.

IV. Disclosure and Compliance

• Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the FT Funds;

Page 3

• Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the FT Funds to others, whether within or outside the FT Funds, including to the FT Funds’ directors and auditors, and to governmental regulators and self-regulatory organizations;

• Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the FT Funds, the FT Fund’s adviser and the administrator with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the FT Funds file with, or submit to, the SEC and in other public communications made by the FT Funds; and

• It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

V. Reporting and Accountability

Each Covered Officer must:

• Upon becoming a covered officer affirm in writing to the Board that he or she has received, read, and understands the Code (see Exhibit B);

• Annually thereafter affirm to the Board that he has complied with the requirements of the Code; and

• Notify Franklin Resources’ General Counsel or Deputy General Counsel promptly if he or she knows of any violation of this Code. Failure to do so is itself is a violation of this Code.

Franklin Resources’ General Counsel and Deputy General Counsel are responsible for applying this Code to specific situations in which questions are presented under it and have the authority to interpret this Code in any particular situation./3 However, the Independent Directors of the respective FT Funds will consider any approvals or waivers/4 sought by any Chief Executive Officers of the Funds.

The FT Funds will follow these procedures in investigating and enforcing this Code:

• Franklin Resources General Counsel or Deputy General Counsel will take all appropriate action to investigate any potential violations reported to the Legal Department;

• If, after such investigation, the General Counsel or Deputy General Counsel believes that no violation has occurred, The General Counsel is not required to take any further action;

• Any matter that the General Counsel or Deputy General Counsel believes is a violation will be reported to the Independent Directors of the appropriate FT Fund;

• If the Independent Directors concur that a violation has occurred, it will inform and make a recommendation to the Board of the appropriate FT Fund or Funds, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer;

• The Independent Directors will be responsible for granting waivers, as appropriate; and

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• Any changes to or waivers of this Code will, to the extent required, are disclosed as provided by SEC rules./5

VI. Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the FT Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the FT Funds, the FT Funds’ advisers, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The FT Code of Ethics and Policy Statement On Insider Trading, adopted by the FT Funds, FT investment advisers and FT Fund’s principal underwriter pursuant to Rule 17j-1 under the Investment Company Act, the Code of Ethics and Business Conduct and more detailed policies and procedures set forth in FT’s Employee Handbook are separate requirements applying to the Covered Officers and others, and are not part of this Code.

VII. Amendments

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the FT Funds’ Board including a majority of independent directors.

VIII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the FT Funds’ Board and their counsel.

IX. Internal Use

The Code is intended solely for the internal use by the FT Funds and does not constitute an admission, by or on behalf of any FT Funds, as to any fact, circumstance, or legal conclusion.

X. Disclosure on Form N-CSR

Item 2 of Form N-CSR requires a registered management investment company to disclose annually whether, as of the end of the period covered by the report, it has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these officers are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, it must explain why it has not done so.

The registrant must also: (1) file with the SEC a copy of the code as an exhibit to its annual report; (2) post the text of the code on its Internet website and disclose, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the code on its Internet website; or (3) undertake in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of the code and explain the manner in which such request may be made. Disclosure is also required of amendments to, or waivers (including implicit waivers) from, a provision of the code in the registrant’s annual report on Form N-CSR or on its website. If the registrant intends to satisfy the requirement to disclose amendments and waivers by posting such information on its website, it will be required to disclose its Internet address and this intention.

The Legal Department shall be responsible for ensuring that:

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• a copy of the Code is filed with the SEC as an exhibit to each Fund’s annual report; and

• any amendments to, or waivers (including implicit waivers) from, a provision of the Code is disclosed in the registrant’s annual report on Form N-CSR.

In the event that the foregoing disclosure is omitted or is determined to be incorrect, the Legal Department shall promptly file such information with the SEC as an amendment to Form N-CSR.

In such an event, the Fund Chief Compliance Officer shall review the Code and propose such changes to the Code as are necessary or appropriate to prevent reoccurrences.

EXHIBIT A

Persons Covered by the Franklin Templeton Funds

Code of Ethics

December 2013

FRANKLIN GROUP OF FUNDS
Edward B. Jamieson	President and Chief Executive Officer - Investment Management
Rupert H. Johnson, Jr.	President and Chief Executive Officer - Investment Management
William J. Lippman	President and Chief Executive Officer - Investment Management
Christopher Molumphy	President and Chief Executive Officer - Investment Management
Laura Fergerson	Chief Executive Officer - Finance and Administration
Gaston R. Gardey	Chief Financial Officer and Chief Accounting Officer
FRANKLIN MUTUAL SERIES FUNDS
Peter Langerman	Chief Executive Officer-Investment Management
Laura Fergerson	Chief Executive Officer - Finance and Administration
Robert G. Kubilis	Chief Financial Officer and Chief Accounting Officer
FRANKLIN ALTERNATIVE STRTEGIES FUNDS
William Yun	Chief Executive Officer-Investment Management
Laura Fergerson	Chief Executive Officer - Finance and Administration
Robert G. Kubilis	Chief Financial Officer and Chief Accounting Officer
TEMPLETON GROUP OF FUNDS
Mark Mobius	President and Chief Executive Officer - Investment Management
Christopher J. Molumphy	President and Chief Executive Officer - Investment Management
Norman Boersma	President and Chief Executive Officer - Investment Management
Donald F. Reed	President and Chief Executive Officer - Investment Management
Laura Fergerson	Chief Executive Officer - Finance and Administration
Mark H. Otani	Chief Financial Officer and Chief Accounting Officer

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EXHIBIT B

ACKNOWLEDGMENT FORM

DECEMBER

FRANKLIN TEMPLETON FUNDS CODE OF ETHICS

FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS

INSTRUCTIONS:

1. Complete all sections of this form.

2. Print the completed form, sign, and date.

3. Submit completed form to FT’s General Counsel c/o Code of Ethics Administration within 10 days of becoming a Covered Officer and by February 15th of each subsequent year.

INTER-OFFICE MAIL:     Code of Ethics Administration, Global Compliance SM-920/2

Fax:                                     (650) 312-5646

E-MAIL:                              Preclear-Code of Ethics (internal address);

                                             lpreclear@frk.com (external address)

COVERED OFFICER’S NAME:

TITLE:

DEPARTMENT:

LOCATION:

CERTIFICATION FOR YEAR ENDING:

TO: Franklin Resources General Counsel, Legal Department

I acknowledge receiving, reading and understanding the Franklin Templeton Fund’s Code of Ethics for Principal Executive Officers and Senior Financial Officers (the “Code”). I will comply fully with all provisions of the Code to the extent they apply to me during the period of my employment. I further understand and acknowledge that any violation of the Code may subject me to disciplinary action, including termination of employment.

  Signature   Date signed

1. Reporting of these affiliations or other relationships shall be made by completing the annual Directors and Officers Questionnaire and returning the questionnaire to Franklin Resources Inc, General Counsel or Deputy General Counsel.

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2. Any activity or relationship that would present a conflict for a Covered Officer may also present a conflict for the Covered Officer if a member of the Covered Officer’s immediate family engages in such an activity or has such a relationship. The Cover Person should also obtain written approval by FT’s General Counsel in such situations.

3. Franklin Resources General Counsel and Deputy General Counsel are authorized to consult, as appropriate, with members of the Audit Committee, counsel to the FT Funds and counsel to the Independent Directors, and are encouraged to do so.

4. Item 2 of Form N-CSR defines “waiver” as “the approval by the registrant of a material departure from a provision of the code of ethics” and “implicit waiver,” which must also be disclosed, as “the registrant’s failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer” of the registrant. See Part X.

5. See Part X.

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EX-99.CERT

Exhibit 12 (a) (2)

I, Matthew T. Hinkle, certify that:

1. I have reviewed this report on Form N-CSR of Templeton Growth Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

4/26/2018

/S/ MATTHEW T. HINKLE

Matthew T. Hinkle

Chief Executive Officer - Finance and Administration

Exhibit 12 (a) (2)

I, Robert G. Kubilis, certify that:

1. I have reviewed this report on Form N-CSR of Templeton Growth Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

4/26/2018

/S/ ROBERT G. KUBILIS

Robert G. Kubilis

Chief Financial Officer and Chief Accounting Officer

EX-99.906CE

Exhibit 12 (b)

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

I, Matthew T. Hinkle, Chief Executive Officer of the Templeton Growth Fund, Inc. (the “Registrant”), certify, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

1. The periodic report on Form N-CSR of the Registrant for the period ended 2/28/2018 (the “Form N-CSR”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Dated: 4/26/2018

/S/ MATTHEW T. HINKLE

Matthew T. Hinkle

Chief Executive Officer - Finance and Administration

Exhibit 12 (b)

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

I, Robert G. Kubilis, Chief Financial Officer of the Templeton Growth Fund, Inc. (the “Registrant”), certify, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

1. The periodic report on Form N-CSR of the Registrant for the period ended 2/28/2018 (the “Form N-CSR”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Dated: 4/26/2018

/S/ ROBERT G. KUBILIS

Robert G. Kubilis

Chief Financial Officer and Chief Accounting Officer